INDIANAPOLIS — Sitting on the front porch of her new home in the Riverside neighborhood and looking out into her yard brings a lot of emotions for Brandi Burns, but relief is the first that comes to mind.
"It was a long process, but also a relief to have a place that is home," Burns said.
She was previously a homeowner, but after her husband passed away 15 years ago, she had to file for bankruptcy and has been moving and renting spaces since then.
"I was nearly certain that without a program for families that are either low or moderate income, that I would not be able to do this," Burns said.
Burns finances her new home with an Indianapolis Neighborhood Housing Partnership mortgage called the Mortgage Accelerator. INHP is a nonprofit working to address the affordable housing shortage in Indianapolis.
Burns received a discounted interest rate and will be able to pay off the home in as few as 20 years with a monthly payment similar to a 30-year mortgage payment.
"The need, sadly, is extraordinarily large," Joe Hanson, INHP Executive Vice President of Strategic Initiatives said. "The median price for a home in Marion County in August of this year is $215,000. Which means the median household by earnings can't afford that house, so programs like ours must exist to continue to build homes that are affordable to the average family."
INHP says making homes affordable is possible through down payment assistance, mortgage loan programs, and additional resources to subsidize the cost of construction.
A majority of INHP homes are sold to buyers earning up to 80% of the area median income.
"I am a single mom, and I don't make as much money as other people," Burns said. "I knew homeownership wasn't in the cards unless I found a program like this."
Her home is not only significant for her, it's also a huge milestone for INHP which began working to build affordable homes in 2017.
"With two rounds now of new markets tax credits plus other funding from the city and otherwise, we are thrilled this is the 50th house we've been able to build and sell," Hanson said.
Homes are being listed on INHP's website.
